FHA Approved Condos In West Chester Ohio

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FHA Approved Condos In West Chester Ohio

Condos For Sale In West Chester Ohio

What is an FHA approved condo?  Being FHA approved for a condo community means simply that the condos available for sale in the particular community can be financed using FHA insured mortgage loans.

How do I know if a particular condo community is approved for FHA mortgage 

What happens if a condo community is not FHA approved?  Mortgage financing can still be obtained for almost any condo regardless of whether or not it is FHA approved.  If a community is not approved it simply means that FHA financing cannot be used.  Conventional mortgage financing is still possible and obviously cash purchases are not affected.

Can a condo community be approved for FHA financing if it is not currently?  Condo communities and their homeowner association boards can always attempt to get FHA approved, although recent history shows that this is difficult to obtain.

Searching for condos for sale in West Chester Ohio?  You can start your search right here >>Condos for Sale In West Chester Ohio

Other recent articles you may be interested in:

This Month In Real Estate – January 2013

West Chester Ohio Home Values

Mortgage Interest Rates In West Chester & Mason Ohio

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What are Mortgage Interest Rates in West Chester, Liberty Township & Mason Ohio??

LowryTeam.com Mortgage Interest Rate Update

 Mortgage Interest Rates In West Chester & Mason Ohio

Have mortgage interest rates hit their lows?  Will they continue to move lower?  These are good questions. The truth of the matter is nobody knows for sure.  With the uncertainty of the upcoming election and a continued soft jobs market almost anything is possible.  What we do know is that interest rates continue to hover around 3.80% for a 30 year fixed rate mortgage and this is a historic low.

Get preapproved for your mortgage before you begin to search for homes.

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – lowryteam.com.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Have questions about buying a home or getting pre-approved for a mortgage?  Fill out the form below and we will happy to answer your questions and assist you.

West Chester & Mason Ohio Real Estate: This Month In Real Estate – August 2012

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West Chester & Mason Ohio Real Estate: This Month In Real Estate – August 2012

 

This Month In Real Estate for August 2012 takes a look at the national home sale numbers and also reveals Keller Williams (KW) research on the power of being pre-approved for a home loan.

According to Keller Williams (KW) research home buyers that get a full mortgage pre-approval are more likely to close on their new home compared to buyers who were only pre-qualified.  The research also shows that home buyers completed their contract negotiations within 3 days of submitting an offer.

You can start your home search right here:  http://www.LowryTeam.com/search

Other articles that you may find interesting:

This Month In Real Estate – July 2012

Searching Mason Ohio Homes For Sale

What’s The Best Mortgage When Buying A Home?

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What’s The Best Mortgage When Buying A Home?

Mortgage Financing - Mortgage Preapprovals West Chester & Mason OH Real EstateAre you planning to buy a home in West Chester, Liberty Township, Beckett Ridge or Mason Ohio in the near future?  If so, then you will likely need to get a mortgage.  There are a number of options available in the home mortgage market today and some of these options may be better for you than others.  The following is a brief summary of many of the options for home loans in the West Chester, Liberty Twp,. Mason and Cincinnati Ohio areas:

30 Year Fixed Rate Mortgage:  This one is the “old stand by”.  The rate is currently very low (approx. 4.25%) right now, although it is higher than some of the other options.  The best part of this mortgage loan is that the interest rate doesn’t change for the life of the loan.

15 Year Fixed Rate Mortgage:  Same basic premise as the 30 year fixed rate mortgage loan except the payback is calculated on 15 years so the interest rate is lower (around 3.50% today).  This mortgage loan is great for building equity quickly, but does come with a higher monthly payment.

Adjustable Rate Mortages:  These mortgage loans are mostly based on a 30 year re-payment schedule, but the interest rate may be fixed for just the first 3 or 5 years of the loan and then adjust from there based on market conditions.  These mortgage loans will get you the lowest possible rates (2.45% – 2.65% today) and will work especially well if you only plan to be in your home for 3-5 years.

FHA Loans:  An FHA mortgage loan  is a loan that is made by a bank or mortgage lender that is insured by the Federal Housing Authority (FHA) .  This insurance of the loan provides for lower down payments, lower closing costs as well as less restrictive qualification criteria.  FHA home loans are very commonly used by first time homebuyers.   In the last couple of years many other homebuyers have also turned to the FHA home mortgage loan as a very good option.

Special note:  The FHA Loan Limits were recently increased back up to the previous levels prior to the FHA changes made on October 1st, 2011.  Congress raised the FHA loan limits in a bill passed on November 17, 2011.  The current FHA Loan Limit in Butler County Ohio is $337,500.

VA Loans:  A VA Loan is a loan  that is made by a bank or mortgage lender that is insured by the U.S. Department of Veterans Affairs (VA).  This insurance of the loan by the VA provides for loans with no down payments, provided the homebuyer is eligible for the VA Loan program.

Other articles that my interest you:

FHA Mortgage Loan Limits Changing – Does It Matter?

Planning To Buy A Home Next Year?

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    West Chester & Liberty Twp OH Real Estate: Tuesday Open House – March 29, 2011

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    It’s Tuesday, so this must be the Tuesday Open House.

    What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

    It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

    Mortgage Interest Rates - Get PreapprovedMortgage Interest Rates:  The tax credits are gone and if you are looking for a reason to buy a home, look no further.  Thirty year fixed rate mortgages are 4.85% today.  The difference that this rate can make in your monthly payment is amazing.  Just look at this example of what these low rates really mean:

    $200,000 mortgage amount @ 5.50%  =  $1135.58 monthly principal & interest payment

    $200,000 mortgage amount @ 4.85%  =  $1055.38 monthly principal & interest payment

    This example shows a monthly savings of $80 on your mortgage payment and this is compared to a mortgage interest rate of 5.50% which is a historically low rate itself!

     

    Need Mulch? If you are preparing your home to get it on the market for salesoon,  don’t forget the curb appeal. As the old saying goes… you only get one chance to make a good first impression. So clean up the landscaping and get yourself some fresh mulch. I’m not sure that there is a better way to go than to get it from the boy scouts. They even deliver! You can just go directly to the boy scouts site right here. My mulch is being delivered in just a couple of weeks…anyone like to help??

     

     

    Has the real estate market stabilized? Get your personal real estate market update and monitor home values in your neighborhood.  You’ll see homes for sale in your neighborhood right now, you’ll see detailed information on homes that have sold and best of all this personal market update will be delivered completely free and directly into your inbox with no obligation.  Get your real estate market update right now at www.HomeValuesInCincy.com

     

     

    Our facebook fan page of the week is: The Cincinnati Reds  It is opening day in Cincinnati this week after all!  You can find information on the Reds, information on events and giveaways and great player information.  As of this writing their page has 314,242 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.

    While you are on facebook checking out the Cincinnati Reds fan page, please visit and become a fan of our facebook page: www.Facebook.com/LowryTeamRealEstate

    What is my home worth? Want to get a good idea of what your home is worth… Get your own Personal Real Estate Market Update

    Searching for homes for sale?  Search all of the homes for sale in West Chester, Beckett Ridge, Liberty Township, Mason or Monroe Ohio… Search The MLS

     

    West Chester & Liberty Township OH Real Estate: Big Changes Coming to FHA Loans

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    Today marks the return of guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

    Big Changes Coming to FHA Loans Effective April 4th! by Dave Scully, Guest Blogger on RealEstate-Ink.com

    All FHA 30 year loans that are assigned case numbers on or after April 11, 2011 will have an increase in the Monthly Mortgage Insurance Premium (MIP) from .90bps to 1.15bps for loans with less than 5% down.  For FHA 30 Year loans with greater than 5% down the Monthly Mortgage Insurance Premium will increase from .95 to 1.10BPS.  (BPS=Basis Points) What is a basis point?

    On a loan sales price of $163,000 this will increase the Monthly Mortgage Insurance Premium by $33.  The net effect will be as if the rate is .375%-to a .50% higher in payment.

    As if this wasn’t enough, effective on all FHA loans assigned case numbers after April 18th, 2001 the Up Front Mortgage Insurance Premium (MIP) on ALL FHA loans will increase from 1% to 1.25%.  This amount is always financed.

    The best way to avoid the higher Mortgage Insurance Premium rates is to get out there and buy your home now!  Rates are still at near historical all time lows!  There are many great deals on homes out there! 

    SEARCH WEST CHESTER & LIBERTY TOWNSHIP OHIO HOMES FOR SALE HERE!

    Go out and take advantage of all 3:  (1) LOW RATES, (2) LOW HOUSING PRICES, (3) LOWER MORTGAGE INSURANCE PREMIUMS!